Will the New Government Bail Out Send Us Into a Recession?

Will the New Government Bail Out Send Us Into a Recession?

As Bernanke prepares to make a decision this coming week about the U.S. monetary policy, the world is watching as if he is going to “save the day.” Can pumping more money into our monetary system really create new jobs? I say No, as many analysts have concurred.

Obama & Bernanke’s economic plan has not worked in four years, why now?

With 59 days until the election, it appears that the normally cool and collect President Obama is getting a bit worried about his chances of getting elected. It looks like he will be campaigning in Ohio, Michigan and Florida to push over his electorate numbers for a win. As I have said in the past, I am an Independent. I voted for Obama. Will I this time? No. He has not turned this economy around and I don’t buy his excuses.

Fed Chairman Ben Bernanke, speaking last month, said the U.S.must create "150,000 to 200,000" jobs a month just to keep the unemployment rate stable. So the latest 96,000 number of new jobs is really an awful number for a "recovery."

The White House, during its convention, repeatedly claimed to have "created" 4.5 million jobs. Leaving aside the fact that businesses, not government, create jobs, it's still factually incorrect.

According to Bureau of Labor Statistics data, payroll jobs in August totaled 133.3 million. The month Obama entered office, there were 133.561 million. So the number of jobs has shrunk. "Clearly the economic policies that have been implemented inWashingtonare failing," said the U.S. Chamber of Commerce, commenting on August's data.

The National Association of Manufacturers says, "The way to alleviate our economic pain is by enacting pro-growth tax policies, addressing the tough questions on entitlement programs that drive our national debt and putting an end to the regulatory morass that weighs down businesses across the country."

By the way, the Congressional Budget Office says that "under current law" — that is, budgets passed by a Democrat-dominated Congress and signed by Obama — unemployment will surge to 9.1% next year as the U.S.economy goes over the "fiscal cliff" and into recession.

We as a country can ill-afford another recession. The number of people on food stamps is at its highest in history, the housing market is struggling to return to a reasonable market value and the people who have been unemployed for many months are becoming discouraged.

No matter who you support in this election, I urge you to look at the facts before you vote and then make your decision on who your next President will be. Numbers don’t lie.

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  • "Numbers don’t lie."

    But they sure can be manipulated, and you seem willing to do it.

    Tell us what the unemployment rate would be today if Bush hadn't given TARP money to GM and Chrysler (and I did say Bush), or if Paul Ryan had been elected President in 2008?

    Or to the extent that the fiscal cliff would be caused by TEA PARTY REPUBLICANS that control the House. You seem to have forgotten that.

    If you want to talk facts, what is the Romney plan other than to give himself a tax cut and send his money abroad.

    Since you and Dennis Byrne and Publius have already made up your minds by taking at best a selective view of the facts, don't tell the rest of us what to do.

  • In reply to jack:

    Jack, check out the facts. Do you think you are better off than 4 years ago?

  • In reply to Terri Lee Ryan:

    Yes I am. If nothing else, my mutual fund statements prove that.

    But the real question is that you didn't answer my questions of a couple of days ago. And you have not said what Romney would do to make it any better. Then today he is reported as saying even though he said he would repeal Obamacare, there are parts of it he likes, since, of course, it was based on Romneycare. Someone immediately typed in the Facebook comments that "Romney is a man of principle who will courageously stand up for you and me, unless of course if it might cost him a vote or two. What an empty suit he is."

    Basically speaking, Richard doesn't know what I think, but we know that he is one of those "I hate Obama at any cost" folks from what he has said on his own blog. And you apparently think that you can make political recommendations without defending them with regard to a candidate who won't say what his plan is. Sorry.

  • The real fact is that there is not enough money to bail out the things that are going to need bailing, on the federal, state and local levels. Then what? Oh, darn. Tax the rich. Sorry. The Jack Solution.

    Of course Jack thinks we are better off now than four years ago, because he has eyes that do not see and ears that do not hear. Jack seems to think that GWB represents fiscal sanity to Republicans and conservatives. He must have read that in the HuffingtonPost, or somewhere.

    And that Mitt, he will just give himself a tax cut, just because he somehow can, and send his money to Switzerland. Real world to Jack: anybody can open a foreign bank account. I did in the 80's, a Swiss account no less, and as long as the money was parked overseas it was not subject to taxes. But it had other uses too, such as ease of payments to foreign organizations and business - back then. All you needed then was the millionaire's sum of ten thousand dollars.

    President Obama's policies are echos and stampede of the actions taken by FDR during the Great Depression. There are many, many parallels, and none of them good.

    For an interesting take on today vs then, read Amity Shlaes, "The Forgotten Man". I give you three guesses as to who the "forgotten man" was during FDR's term.

    http://www.amityshlaes.com/books.php

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    Obama's odds of winning reelection have risen sharply in the past week and are now a startling 80%.Why is Romney polling so poorly? Read the post on BusinessInsider - http://goo.gl/76kc2

  • In reply to Jasmine Smith:

    I don't know that I agree with the author of that article, because it is essentially telling him to be more Massachusetts governor--i.e. liberal, and lose his base. Then people like Publius and Richard won't know for whom to vote.

    As I indicated by quoting the "empty suit" comment, one can pander only to a certain extent before one loses both the center and the right. Hell, Romney his already gotten into that trap by his "I agree with Ryan, except I don't" in such contexts as Social Security.

  • So you want to go back to the same policies that torpedoed the economy in the first place? Brilliant.

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